30 Economics Possible/Likely JAMB 2017 Questions – Last set paper

2017 JAMB ECONOMICS LIKELY/POSSIBLE
QUESTIONS AND ANSWERS FOR STUDENTS
1.Government’s involvement in agricultural business
in Nigeria is most manifested in the
a. formation of farmer’s cooperative society
b. establishment of farm settlements in each state of
the federation
c. procurement and distribution of fertilizers
d. establishment of credit guarantee schemes for
small-scale farmers
2. The European union was formed to
a. assist countries to achieve their economic goals
b. promote free trade within member nations
c. finance development projects in member nations
d. promote economic integration in non-member
countries
3. A black market can occur when
a. prices are set by government below the equilibrium
b. supply in excess demand
c. consumption of the commodity is restricted
d. prices are set by government above the equilibrium
4. In a textile factory, the cost of cotton used is a
typical example of
a. total cost
b. a variable cost
c. an average cost
d. a fixed cost
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5. Given a base year and price index of 175% the
following year Which of the following will arise.
a. the value of money falls by 75%
b. the value of money rise by 75%
c. the cost of living decrease in that year
d. the cost leaving remains unchanged
6. The choice of how to produce in a command
economy is determined by
a. labour uniouns
b. industrialists
c. government
d. consumers
7. An inflation that co-exists with high rate of
unemployment is
a. cost-push inflation
b. demand-pull inflation
c. hyperinflation
d. stagflation
8. Given that Qd =40-2p and Qs=6p+24, Calculate the
equilibrium price.
a. #16
b.#36
c.#4
d.#2
9. One of the characteristics of a monopolist is that, he
can influence?
A. price or quantity
b. both price and quantity
c. quantity produced by other producers
d. prices charged by other producers
10. The main objective of WTO is to
a. assist developing countries to execute
developmental project
b. assist countries with chronic balance of payments
problem
c. ensure adequate protection for infant industry
d. provide a mechanism for tariff reduction.
11. A monopolist can bloat revenue by
a. reducing price
b. increasing price
c. adjusting both price and output upward
d. reducing total output to march the price
12. A perfect competitor will continue to expand
output up to the point where?
a. MC>MR
b. MC
c. TC>TR
d. MR=AR
13. If the importation of a commodity is limited to a
definite quantity, the trade control measure imposed
is?
a. tariff
b. quotas
c. excise duties
d. import duties
14. The best measure of dispersion to determine the
tallest tree in a forest is
a. mean deviation
b. standard deviation
c. range
d. variance
15.Firms embark on vertical integration inorder to?
a. enjoy economies of large scale productions
b. reduce advertisement and marketing cost
c. takeover markets formally controlled by other firms
d. prevent other firm from entry the market.
16. A change in demand for a normal good implies
that, there is a?
a. change in the price elasticity of demand
b. movement along a given demand curve
c. change in the quantity demanded as price change
d. shift in the demand curve.
17. Given the supply function P=1/4 [Qs+10] and
P=#10. What is Qs?
a. 30
b.50
c.20
d.15
18. Short terms loans for investment are usually
obtained through the
a. capital market
b. money market
c. stock market
d. development bank
19. The major determination of a floating exchange
rate is
a. the forces of demand and supply
b. the system of government
c. the highest denomination of a currency
d. an act of the parliament.
20. If MPC=2/3 and investments is #100 million. The
level of national income is
a. #100 million
b. #10 million
c. #303 million
d. #300 million
21. The voting power in co-operative societies is
vested on?
a. the management
b. member with loan
c. the shareholders
d. members with the highest contribution.
22. A major obstacle for the development of Nigerian
economy is
a. low capital formation
b. rural-urban migration
c. over dependence on oil
d. poor developmental policies
23. An advantage of large-scale farming over peasant
farming is in the area of?
a. providing research and massive employment of
labour
b. re-distribution mational income to various regions of
the country
c. encouraging the use of traditional implements
d. encouraging urban rural migration.
24. An accurate population census is important inorder
to?
a. produce more food for growing population
b. provide employment oppurtunities for the people
c. estimate a countrys’s per capita income
d. fast tract industrial development.
25. An important role of agriculture in Nigeria’s
economy development is the
a. processing of raw materials for industries
b. regulation of price system
c. provision of infratruction
d. provision of employment
26. If a 10% rise in price causes a 5% decrease in the
quantity demanded of a commodity, the elasticity of
demand is
a. unitary elastic
b. zero elastic
c. elastic
d. inelastic
27. Rent and administrative expenses are example of
a. average fixed cost
b. average variable cost
c. fixed cost
d. variable cost
28. When price is set below equilibrium this will lead
to
a. an increase in the quantity supplied
b. a new equilibrium
c. a decrease in the quantity supplied
d. a fall in price
29. Given that FC=N500, and Q=50 units, find the
average cost of the product.
a. N30
B. N40
C. N10
D. 20
30. Which of the following can be used to measure the
Gross National Production in an open economy ?
A. c+I+G+[X+]
B. C+I+G+X
C. C+I+G
D. C+I+G+[X-M]

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